Press release
Smart Office Market Size, Growth, In-depth Analysis, and Research Report Forecast up to 2028: Key Players are Honeywell International, Inc. and Johnson Controls, Inc.
Smart Office Market is expected to grow at a CAGR of 12.92% to reach a market size worth US$80.408 billion by 2028.The prime factors propelling the growth of the smart office market are the high demand for energy efficiency through the use of sensor networks and the rise in demand for safety and security measures at the workplace.
As per the report, the smart office market is expected to grow steadily over the forecast period.
A smart office refers to a workplace that connects several data-driven and digitalized solutions and services to other areas to enhance employee effectiveness and engagement, create energy and cost savings, and offer value to the firm through applications for various stakeholders. The main objectives of smart offices are to learn more about the problems and challenges that employees face and to develop solutions that will help to improve the working environment. Two key factors anticipated to propel the smart office market over the forecasted period are the rise in demand for energy-efficient sensing devices and the development of IoT in smart office systems. In addition, the increasing consumption of smart office solutions and services across different industries will continue contributing to market growth.
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The smart office market has been segmented into product, type of building, end-user industry, and geography.
The market has been classified into smart lighting, smart security systems, and HVAC Control by product. The advancement in sensor technology by leading companies such as Philips and Wipro Lighting is driving the demand for smart lighting solutions. The rising demand for energy efficiency and the automation of security measures by enterprises are stimulating the consumption of smart security systems at the office. Motion sensors, alarms, and security cameras are the main components of smart office security systems.
Based on the type of building, the categorization has been done into newly constructed and retrofit.
By end-user industry, the market has been segmented into healthcare, retail, BFSI, media and entertainment, government, and others. Retail and BFSI industries are expected to contribute majorly to the consumption of smart office solutions by incorporating smart security systems at retail stores and banks. The risk of theft incidents across these sectors and the growing demand for energy-saving lighting solutions to lower electricity expenses will encourage companies in the retail and BFSI sector to use smart office solutions. In addition, the inventories and data storage facilities in healthcare and pharmaceutical companies necessitate integrating smart security systems to alert the hospital staff and management about any trespassing and theft incidents. In the government sector, the initiatives by the governments of major economies, such as the collaboration between the US Federal Government and IBM to install smart establishment technologies in approximately 50 government buildings to promote energy efficiency practices, will further increase the demand for smart office solutions.
By region, North America retains a significant portion of the smart office market due to the advancement of IoT infrastructure and technology in smart office networks, resulting in high demand for smart office services. The increasing demand for smart offices is encouraging companies in North American smart office markets to take measures to innovate new and advanced smart office solutions. For instance, Diversified and GoBright companies announced their collaboration in January 2023 to develop new smart office products to enhance the client experience at its consumer offices across North America.
The major players operating in the smart office market are Schneider Electric SA, Koninklijke Philips N.V., Crestron Electronics Inc., Honeywell International, Inc., Johnson Controls, Inc., Siemens AG, Cisco Systems, Inc., ABB Solutions., Sony Electronics, Inc., and Secure Smart Office, Inc.
This smart office market has been analyzed into the following segments:
• By Product
o Smart Lighting
o Smart Security Control
o HVAC Control
• By Type of Building
o Newly constructed
o Retrofit
• By End-User Industry
o Healthcare
o Retail
o BFSI
o Media and Entertainment
o Government
o Others
• By Geography
o North America
• USA
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• UK
• Germany
• Italy
• Spain
• Others
o Middle East and Africa
• Israel
• Saudi Arabia
• Others
o Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others
Related Reports:
• Smart Cities Market: https://www.knowledge-sourcing.com/report/smart-cities-market
• Smart Parking Market: https://www.knowledge-sourcing.com/report/smart-parking-market
• Smart Homes Market: https://www.knowledge-sourcing.com/report/smart-homes-market
Contact Us:
Knowledge Sourcing Intelligence
Phone: +1-850-250-1698
E-Mail:info@knowledge-sourcing.com
Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.
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